10 Jul UCAdvisor FAQ & Transformation Fund
Your Most Common Questions about UCAdvisor Funding
Digital transformation is something that virtually every company is investing in today. More than just a “buzzword”, digital transformation has become a matter of “survival” for many organisations, crucial for ensuring ongoing productivity, efficiency, and competitiveness. Around 87% of senior executives say they believe digital transformation is an organisational priority.
Unfortunately, while digital evolution might be necessary for many companies to thrive in today’s landscape, it’s rarely a simple process. Whether you’re updating your UCaaS system, moving more of your technologies into the cloud, or looking to leverage more data, there are numerous hurdles to overcome. That’s why we built UCAdvisor, specifically to assist business buyers with every stage of their transformation journey.
Our pioneering comparison matrix, insightful resources, and news reports all help organisations to narrow down their options for digital growth partners. However, our assistance doesn’t stop there. We also help businesses to manage the costs of investing in new technology, with our exclusive Digital Transformation Fund.
Here’s everything you need to know about UCAdvisor grant funding.
What is the UCAdvisor Digital Transformation Fund?
Innovation, evolution, and transformation can be expensive. The more technology and processes you need to upgrade, the bigger your budget will need to be. While many larger organisations may already have the finances they need to rapidly evolve in this new landscape, not every company is so lucky.
Here at UCAdvisor, we believe digital transformation is a necessity for every business, large or small. That’s why we created the UCAdvisor Digital Transformation fund, specifically tailored to companies taking the next step in their evolutionary journey.
The Digital Transformation fund is a completely free, no-strings-attached form of financial support, created by UCAdvisor for companies looking to reduce the costs of their technology strategy. The fund is intended to reduce the barriers to expansion and innovation, and it is available to all of the customers who engage our services when purchasing a solution from one of our listed technology vendors.
Where Does the Funding Come From?
The concept of getting something for nothing can be understandably worrying to many business leaders. That’s why we think it’s important to be transparent about how we can help companies handle up to 100% of the costs of their new technology.
Simply put, the UCAdvisor Transformation fund is powered by the commissions available within the UK referral channel. To assist our clients, we developed a unique strategy for bundling some of these commissions, and redistributing them as grant payments for businesses seeking digital transformation.
What is the Digital Transformation Fund For?
Essentially, the Digital Transformation fund was created to support companies taking the next step in their growth journey. However, it’s quite a flexible form of funding. There aren’t any specific limitations on how you can use the money you receive.
Some of our clients have used their grant to pay early exit fees so they can move to another vendor without incurring extra costs. Others use the money to make charitable donations and improve their brand reputation. The fund can also be used to pay for new technology, or upgrade existing systems.
Our funding is suitable for most digital change and growth projects. However, if you’re not sure whether it’s relevant for you, you can drop us a message to get some more direct advice.
How Much Money Can I Get?
This is one of the most common questions we hear in relation to our digital transformation funding solution. However, it doesn’t really have a one-size-fits-all answer. There’s actually no “upper limit” on the amount of cash you can access through the Digital Transformation fund.
The amount of money you receive is calculated based on a number of factors, including what kinds of solutions you purchase from our partner vendor. This means company’s funding option is likely to be different. However, before you sign any contracts with your new vendor, we can provide insights into the exact amounts you’re eligible for, so you can make a more educated decision.
What’s in It for You?
So, what do we get out of all of this? The most obvious answer is happy clients, and great relationships with our partners. We also occasionally request joint case studies from our customers and their chosen vendors once the project is complete, but you’re not required to submit anything. Your funding won’t be retracted if you don’t want to share your story.
UCAdvisor also continues to make an income by retaining a small residual payment from the winning supplier you choose to work with, after you’ve signed your contract. The amount we earn is dependant on the services you purchase.
Could I Get a Better Deal by Going Direct?
The UK channel model is built around something called “price parity”. This means the prices you get from our partner vendors when you work with us to access your Transformation fund will be exactly the same as the offers you receive from a supplier directly.
You can even negotiate with your chosen vendor before signing anything, and still work with us after you’ve come to an agreement, just as long as you haven’t signed the contract yet.
How Can I Apply for Funding?
We know applying for support and funding can be a daunting concept for many businesses, particularly when you’re dealing with the stresses of a digital transformation journey. That’s why we’ve made the process of applying for funding as simple as possible.
You can start by comparing your supplier options using our comparison matrix, so you can ensure you’re getting the right solutions for your needs. Once you’ve chosen one of our qualifying vendors, and decided which services you want to purchase, we’ll give you an insight into how much cash you can access with the Digital Transformation fund. If you decide to go ahead, you’ll sign your contract directly with the supplier, as usual. You don’t have to sign anything with us.
How Long Does Funding Take?
The exact length of time it takes to receive your funding can vary depending on how long it takes for you to choose a vendor, and sign your contract. However, after you’ve signed the right documents and returned them, you’ll typically receive your money between 60 to 90 days.
Funds are distributed via BACS transfer, and sent directly to your nominated account. Remember, this fund is entirely for you to use however you choose, and you don’t have to pay anything back to us. However, you will need to account for your fund in your taxes.
How Do I Account for the Fund in my Taxes?
If you apply for a transformation fund with UCAdvisor, the money you receive will be classified as a “grant payment”, and accounted for as such.
However, the way you plan on using this fund can alter how you address it in your taxes. For instance, if you want to use the transformation fund for purchases which would typically be recorded in a profits and loss account, it would be recorded as income. Alternatively, if you wanted to use the fund for an expenditure in the future, you can defer the payment, and release it into your profit and loss account at the ideal time.
All grants in the UK are recognised as taxable income, but if you defer your payment as mentioned above, you shouldn’t have any tax liability on the money you receive, as it will be matched to your expenditure. If your funding is spent on equipment for transformation, it won’t be taxable, but there will also be no capital allowance permitted on the equipment expense.
Notably, the UCAdvisor Transformation Fund also sits outside of the scope of VAT, so there shouldn’t be any VAT payable when you receive the funding. However, you can still reclaim VAT from the assets and equipment you pay for.
How Do You Handle Specific Guidelines and Frameworks?
The UCAdvisor team can work with you within RFP/RFI guidelines, provided you tell us which vendors you’d like us to invite to bid. We can also work within UK Gov frameworks, provided one of our vendors also has access to the necessary framework solutions.
Which Vendors Do You Work With?
We pride ourselves on giving our customers the best possible selection of options to choose from when it comes to investing in digital transformation. We work with some of the top global vendors across multiple technology landscapes, and we’re constantly expanding into new partnerships.
Just some of our current partners include:
• SDWAN: Masergy,Aryaka, GTT, Lumen, CATO Networks, Claro Enterprise Solutions, Globalgig, Consolidated Communications
• Security: Alkira, Alibaba Cloud, CloudPlus, DataBank, Cologix, Bullseye, Comm-Core, Coro, Convergia, IBM Cloud
• Unified Communications: Zoom, Broadvoice, Verizon, GoTo, Zoom, Dialpad, 8×8, Avaya, RingCentral, Cisco, Masergy
• Contact Centre: Five9, Aircall, Serenova, Clearview, Vonage, Genesys, 8×8, RingCentral, NICE, Talkdesk.
• Cloud Services: Aura, Equinix, Netrio, Megaport, Otava, Rackspace, Evolve IP, Data Canopy, Iron Mountain, INAP, CSpire
• Co-Location: 365 DataCenters, Logix, Ntirety, Sonic Business, Synoptek, Terago, Peerless Network, Netrality, Alkira
Still Have More Questions?
If you still have questions about the UCAdvisor Transformation Fund, or you’d like to learn more about the services, resources, and solutions we can offer, contact the UCAdvisor team. You can also find a range of useful insights on the UCAdvisor website.